Analysts Set Rio Tinto Group (NYSE:RIO) Price Target at $73.00

Rio Tinto Group (NYSE:RIO) has been given an average rating of “Moderate Buy” by the eight brokerages that are presently covering the stock, MarketBeat.com reports. Four investment analysts have rated the stock with a hold recommendation, three have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $73.00.

A number of equities analysts recently issued reports on the stock. Jefferies Financial Group dropped their price objective on shares of Rio Tinto Group from $83.00 to $73.00 and set a “buy” rating on the stock in a report on Monday, January 6th. StockNews.com cut shares of Rio Tinto Group from a “strong-buy” rating to a “buy” rating in a research note on Saturday, January 25th.

Institutional Trading of Rio Tinto Group

Hedge funds and other institutional investors have recently modified their holdings of the company. AQR Capital Management LLC bought a new stake in Rio Tinto Group during the second quarter valued at about $518,000. Mather Group LLC. grew its position in shares of Rio Tinto Group by 87.5% during the third quarter. Mather Group LLC. now owns 2,967 shares of the mining company’s stock worth $211,000 after purchasing an additional 1,385 shares in the last quarter. Advocate Group LLC grew its position in shares of Rio Tinto Group by 17.1% during the third quarter. Advocate Group LLC now owns 45,623 shares of the mining company’s stock worth $3,247,000 after purchasing an additional 6,667 shares in the last quarter. San Luis Wealth Advisors LLC lifted its holdings in Rio Tinto Group by 132.3% in the 3rd quarter. San Luis Wealth Advisors LLC now owns 10,579 shares of the mining company’s stock worth $753,000 after purchasing an additional 6,025 shares in the last quarter. Finally, Fiduciary Financial Group LLC lifted its holdings in Rio Tinto Group by 3.7% in the 3rd quarter. Fiduciary Financial Group LLC now owns 4,945 shares of the mining company’s stock worth $330,000 after purchasing an additional 178 shares in the last quarter. 19.33% of the stock is owned by hedge funds and other institutional investors.

Rio Tinto Group Price Performance

Shares of NYSE:RIO opened at $63.35 on Friday. The stock’s 50-day simple moving average is $60.63 and its two-hundred day simple moving average is $62.95. Rio Tinto Group has a 52-week low of $57.85 and a 52-week high of $74.24. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.70 and a quick ratio of 1.16.

About Rio Tinto Group

Rio Tinto Group engages in exploring, mining, and processing mineral resources worldwide. The company operates through Iron Ore, Aluminium, Copper, and Minerals Segments. The Iron Ore segment engages in the iron ore mining, and salt and gypsum production in Western Australia. The Aluminum segment is involved in bauxite mining; alumina refining; and aluminium smelting.